Spanish engineering and consulting company Isolux has received a $100 million corporate loan from the Inter-American Development Bank to finance renewable energy and energy infrastructure projects in Peru and Brazil.
These funds will support Peru's new Majes and Reparticion solar plants, which have a total installed capacity of 40 MW and are the first large-scale solar installations in Latin America.
In addition to diversifying Peru's energy matrix, the plants will reduce CO2 emissions by 40,000 tons annually and create 260 construction jobs, the IDB said Friday in a press release.
The loan also is expected to finance construction of the 500 kV Taubate-Nova Iguacu transmission line that runs between the southeastern Brazilian states of Sao Paulo and Rio de Janeiro, a region that needs significant reinforcement of its basic transmission network.
That project will employ more than 1,400 workers during the construction phase, 80 percent of them from nearby communities.
"Not only will the loan strengthen the region's energy security, but it will also help an international firm continue to build world-class renewable energy and electricity infrastructure in Latin America at a time when the global financial market downturn is making it difficult to mobilize adequate financing," Valentina Sequi, IDB project team leader, said.
The IDB loan has a seven-year term and includes a two-year grace period. EFE